A company previously issued $2,000,000,10% bonds,receiving a $120,000 premium.On the current year's interest date,after the bond interest was paid and after 40% of the total premium had been amortized,the company calls the bonds at $1,960,000.Prepare the journal entry to record the retirement of these bonds on January 1 of the current year.

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The Answer of A company previously issued $2,000,000,10% bonds,receiving a $120,000 premium.On the current year's interest date,after the bond interest was paid and after 40% of the total premium had been amortized,the company calls the bonds at $1,960,000.Prepare the journal entry to record the retirement of these bonds on January 1 of the current year.

A Company Previously Issued $2,000,000,10% Bonds,receiving a $120,000 Premium